Tuesday, September 26 2006 14:52 Hrs (IST) - World Time -

New Delhi: The Government today (Sept 26, 2006) ruled out any immediate cut in petrol and diesel prices in line with fall in global oil prices, but said a reduction may be considered once crude prices fall below 50 dollars a barrel.

"It is not appropriate to cut prices. When crude touches 50 dollars a barrel, we may think about that," Petroleum Minister Murli Deora told reporters here.

Deora said international prices have reduced during the last two weeks, but they need to fall further to give reprieve to consumers and oil companies.

International crude oil prices have fell below 60 dollars a barrel in recent days after touching a record high of 78.40 dollars in July.